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Rules

SS&C’s Win of Trade Secrets Suit Highlights Hiring Risks

SS&C Technologies’ recent US$44 million jury verdict in a lawsuit against Clearwater Analytics has put Wall Street’s legal and human resource managers on alert to protect their firms from the receipt of trade secrets when hiring key employees from the competition. “HR and legal departments are a company’s first line of defense against litigation from […]

FINRA: E-Mail Oversight Needs Quantity and Quality

  Reasonable. How is a US broker-dealer’s compliance manager supposed to interpret that word when it comes to overseeing the firm’s e-mail correspondence. With some difficulty and much deliberation on quantity and quality as shown by the Financial Industry Regulatory Authority’s recent US$32,000 fine and censure of Utah-based broker-dealer Wilson-Davis which specializes in microcap stocks. […]

Swaps Margin: The Final Sweep of Document and Ops Morass

For collateral management operations and IT manager at hundreds of small to mid-sized broker -dealers and fund managment shops the nightmare of handling regulatory-imposed initial margin requirements for uncleared derivative contracts has just begun. Phase four of the US and non-US regulations, effective September 2019, and the ultimate phase five version, effective September 2020 are […]

SEC’s New Rule 606: Execution Transparency At a Cost

For brokerage trade operations, compliance and IT managers, providing fund managers with more granular details about where and how their trades were executed to fulfill the US Securities and Exchange Commission’s enhancements to Rule 606 could turn into a major operational headache. At issue is how much data broker-dealers have readily available, how much they […]

Consolidated Audit Trail: Those Messy Data Linkages

US brokerage operations managers are quickly turning their attention to how they will meet the cumbersome requirements for data linkages now that the Financial Industry Regulatory Authority (FINRA) has been stepped in at the eleventh hour to operate the new consolidated audit trail (CAT). The initial phase-in of CAT — 2a and 2b– starting in […]

AML Exams: Data Quality Takes Center Stage

Data integrity and integration. The popular terms used in trade and post-trade operations are quickly making their way into the world of anti-money laundering compliance as financial firms prepare for more stringent regulatory exams. With the number and value of fines growing, buy-side and sell-side firms are returning to the basics of evaluating their data […]

Wyoming’s Digital Custody Law: Taming the Wild West?

Wyoming’s attempt to establish banks as custodians for digital assets sounds great, but it might not be enough to convince institutional investors to take the plunge, caution some legal experts. The reason: without explicit rules from either federal securities or banking regulators, attorneys aren’t willing to tell any registered investment advisor it is on solid […]

Unclaimed Assets: Delaware Lawsuit Resurrects Ops Headaches

Unclaimed property operations managers at US financial firms need to stay proactive when it comes ensuring correct administrative and reporting procedures, warn compliance experts. The alternative: whopping state fines. A recent lawsuit filed by Illinois-based chemical supplier Univar against the state of Delaware provides ample evidence that Delaware is being even more vigilant in guaranteeing […]

Reg Compliance 2019: Tips to Ease Data Pain

When it comes to handling the data challenges inherent in regulatory compliance, 2019 will no exception for middle and back-office buy and sell-side operations, compliance and technology managers. While the MIFID II and EMIR measures likely took up much of the attention over the past few years, a survey of about fifty operations, compliance and […]

Trump’s Iranian Sanctions: New Policing Compliance Twists

What’s old is new again when it comes to US sanctions against Iran. Well almost, for anti-money laundering compliance managers and analysts at US banks. US President Donald Trump’s resurrection of sanctions against Iran in August and last month will force wire departments and correspondent banking units at US banks to dig deeper into the […]

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